markets and marketing Flashcards
what does market mean?
Anywhere where buyers and sellers communicate to exchange goods and services
what can market also describe?
the type of product/service
what does marketing involve?
- identifying the needs and wants of consumers
-designing products that meet these needs
-informing customers of these products
-understanding competitors threats
-pricing strategies
-making products available
what is marketing?
the management process responsible for identifying, anticipating and satisfying customer requirements profitably
what are mass markets?
Businesses that sell the same products to all consumers and markets them the same way
what can businesses do when operating in a mass market?
produce large quantities at a lower unit cost by exploiting economies of scale
what is more common among mass markets?
-competition is higher
-franchising
-broad target market with many demographics
-mass production and advertisement
-widespread availability
what are advantages to operating in a mass market
larger market size
economies of scale
widespread availability
what are disadvantages to operating in a mass market
lower profit margins
less variety
highly competitive
what are niche markets?
A small market segment, sometimes gone untouched by larger businesses. Small firms can often survive by supplying niche markets.
what is more common among niche markets?
Smaller target group
Limited availability
Targeted advertisement
what are advantages to niche markets?
larger profit margins
customer loyalty
less competition
what are disadvantages among niche markets?
smaller market size
low economies of scale
limited availability
